Tencent to buy 15 pct stake in JD.com in challenge to Alibaba
Credit: Reuters/Bobby Yip/Files
1 of 2. Tencent's headquarters is seen at Nanshan Hi-Tech Industrial Park in the southern Chinese city of Shenzhen, in this June 9, 2011 file picture.
JD.com will also take control of Tencent's own, unsuccessful e-commerce businesses, which will be 100 percent owned by JD.com. Tencent Digital, Tencent E-Commerce, Yixun Logistics and Tencent Guangzhou will all cease to be subsidiaries of Tencent.
Tencent President Martin Lau will take a seat on the board of directors.
JD.com filed for a $1.5 billion U.S. listing of its shares in January. Tencent also plans take an additional 5 percent of JD.com on a post-IPO basis.
(Reporting by Paul Carsten; Editing by Edwina Gibbs)
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